Byline Bancorp (NYSE:BY) Reaches New 12-Month High – Still a Buy?

Shares of Byline Bancorp, Inc. (NYSE:BY) hit a new 52-week high on Thursday . The stock traded as high as $33.48 and last traded at $33.09, with a volume of 175785 shares. The stock had previously closed at $32.68.

Analyst Upgrades and Downgrades

A number of analysts have recently weighed in on BY shares. Keefe, Bruyette & Woods upped their target price on shares of Byline Bancorp from $31.00 to $32.00 and gave the stock a “market perform” rating in a research report on Monday, October 27th. Zacks Research raised shares of Byline Bancorp from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, January 27th. Weiss Ratings reissued a “buy (b-)” rating on shares of Byline Bancorp in a research report on Wednesday, January 21st. Finally, Piper Sandler reaffirmed an “overweight” rating and set a $37.00 price objective on shares of Byline Bancorp in a research report on Tuesday, January 27th. One research analyst has rated the stock with a Strong Buy rating, two have given a Buy rating and one has assigned a Hold rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of “Buy” and an average target price of $33.67.

Byline Bancorp Stock Up 1.3%

The stock has a market cap of $1.52 billion, a PE ratio of 11.49 and a beta of 0.87. The stock’s fifty day moving average price is $30.23 and its 200 day moving average price is $28.50.

Byline Bancorp (NYSE:BY) last released its quarterly earnings data on Thursday, January 22nd. The company reported $0.76 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.72 by $0.04. Byline Bancorp had a return on equity of 11.38% and a net margin of 20.54%.The business had revenue of $117.01 million for the quarter, compared to analysts’ expectations of $112.51 million. On average, equities research analysts expect that Byline Bancorp, Inc. will post 2.6 earnings per share for the current fiscal year.

Byline Bancorp Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, February 17th. Investors of record on Tuesday, February 3rd will be given a dividend of $0.12 per share. This represents a $0.48 annualized dividend and a dividend yield of 1.5%. This is a boost from Byline Bancorp’s previous quarterly dividend of $0.10. The ex-dividend date of this dividend is Tuesday, February 3rd. Byline Bancorp’s payout ratio is 16.67%.

Byline Bancorp announced that its board has approved a stock repurchase program on Thursday, December 11th that allows the company to repurchase $2.25 million in shares. This repurchase authorization allows the company to purchase up to 0.2% of its stock through open market purchases. Stock repurchase programs are often a sign that the company’s board believes its shares are undervalued.

Institutional Trading of Byline Bancorp

Institutional investors have recently made changes to their positions in the stock. New York State Teachers Retirement System increased its stake in Byline Bancorp by 16.1% in the 4th quarter. New York State Teachers Retirement System now owns 2,864 shares of the company’s stock worth $83,000 after buying an additional 398 shares in the last quarter. EverSource Wealth Advisors LLC boosted its stake in shares of Byline Bancorp by 99.5% in the third quarter. EverSource Wealth Advisors LLC now owns 1,095 shares of the company’s stock worth $30,000 after acquiring an additional 546 shares during the period. Harbor Capital Advisors Inc. grew its position in shares of Byline Bancorp by 5.7% during the third quarter. Harbor Capital Advisors Inc. now owns 10,414 shares of the company’s stock worth $289,000 after purchasing an additional 558 shares in the last quarter. PNC Financial Services Group Inc. raised its stake in Byline Bancorp by 3.5% during the 3rd quarter. PNC Financial Services Group Inc. now owns 17,586 shares of the company’s stock valued at $488,000 after purchasing an additional 588 shares during the period. Finally, Strs Ohio lifted its holdings in Byline Bancorp by 5.4% in the 4th quarter. Strs Ohio now owns 11,700 shares of the company’s stock worth $341,000 after purchasing an additional 600 shares in the last quarter. Hedge funds and other institutional investors own 67.73% of the company’s stock.

About Byline Bancorp

Byline Bancorp, Inc is the bank holding company for Byline Bank, a full-service commercial bank headquartered in Chicago, Illinois. Established under its current name in 2016, the company operates as a community-focused financial institution offering a broad array of banking products and services to corporate, professional and consumer clients.

On the commercial banking side, Byline Bancorp serves small and midsize businesses, real estate developers, professional services firms and nonprofit organizations.